Verizon sells AOL and Yahoo for about half of what it paid
Verizon has sold its AOL and Yahoo properties to Apollo Global Management in a deal said to be worth $5 billion, about half of the nearly $9 billion Verizon originally paid for the pair. Verizon will maintain a 10 percent stake in the company, now known as Yahoo, and led by CEO Guru Gowrappan. The deal, heavily rumored over the last week and still subject to closing conditions, brings an end to Verizon’s troubled experiment with media production and advertising.
Apollo is a private equity firm that owns the Venetian resort in Las Vegas and crafts retailer Michaels. Apollo co-founder Leon Black recently stepped down as Chairman, soon after it was revealed that he paid more than $150 million to Jeffrey Epstein. Yes, that Jeffrey Epstein.